Committee on Energy, Industry and Mining; then to the
Committee on Finance

and then to the Committee on the Judiciary.]

__________

A BILL to amend and reenact section two, article seven,
chapter sixty-four of the code of West Virginia,
one thousand nine hundred thirty-one, as amended,
relating to authorizing the tax division to
promulgate a legislative rule relating to the valuation of producing and reserve oil and natural
gas for ad valorem property tax purposes.

Be it enacted by the Legislature of West Virginia:

That section two, article seven, chapter sixty-four
of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted, to read
as follows:

ARTICLE 7. AUTHORIZATION FOR DEPARTMENT OF TAX AND
REVENUE TO PROMULGATE LEGISLATIVE RULES.

§64-7-2. Department of tax and revenue; tax division;
and
state tax commissioner.
(a) The legislative rule filed in the state register
on the twenty-third day of July, one thousand nine
hundred ninety-six, authorized under the authority of
section five, article thirteen-j, chapter eleven of this
code, modified by the tax division to meet the objections
of the legislative rule-making review committee and
refiled in the state register on the thirty-first day of
October, one thousand nine hundred ninety-six, relating
to the tax division (tax credit for qualified
agricultural equipment, 110 CSR 13J), is authorized.
(b) The legislative rule filed in the state register
on the sixteenth day of August, one thousand nine hundred
ninety-six, authorized under the authority of section
fifty-one, article twenty-one, chapter eleven of this
code, modified by the tax division to meet the objections
of the legislative rule-making review committee and
refiled in the state register on the thirty-first day
of October, one thousand nine hundred ninety-six,
relating to the tax division (personal income tax low
income exclusions, 110 CSR 21.1), is authorized.
(c) The legislative rule filed in the state register
on the sixteenth day of August, one thousand nine hundred
ninety-six, authorized under the authority of section
twenty-one, article twenty-one, chapter forty-seven of
this code, modified by the tax division to meet the
objections of the legislative rule-making review
committee and refiled in the state register on the
twenty-seventh day of February, one thousand nine hundred
ninety-seven, relating to the tax division (charitable
raffles, 110 CSR 37), is authorized.(d) The legislative rule filed in the state register
on the first day of August, one thousand nine hundred ninety-seven, authorized under the authority of section
five, article one-c, chapter eleven, of this code,
modified by the tax division to meet the objections of
the legislative rule-making review committee and refiled
in the state register on the twenty-sixth day of January,
one thousand nine hundred ninety-eight, relating to the
tax division (valuation of producing and reserve oil and
natural gas for ad valorem property tax purposes, 110 CSR
1J), is authorized.

NOTE: The purpose of this bill is to authorize the
Tax Division to promulgate a legislative rule relating to
the Valuation of Producing and Reserve Oil and Natural
Gas for Ad Valorem Property Tax Purposes.

Strike-throughs indicate language that would be
stricken from the present law, and underscoring indicates
new language that would be added.